NCLT Hearing - Update

Mercantile Ports & Logistics Ltd

06 October 2026

 

Mercantile Ports & Logistics Limited

("MPL" or the "Company")

MPL Concludes Final Submissions Before NCLT in Karanja Port Proceedings

Mercantile Ports & Logistics Limited (AIM: MPL) announces that final oral submissions in rejoinder in the proceedings concerning its subsidiary i.e. Karanja Port were made before the National Company Law Tribunal (“NCLT”) on 24 September 2026.

The NCLT has directed all parties to file their written submissions by 8 October 2026. The judgement on the challenge by Company to the arbitrary rejection of its 12 A proposal  is expected soon thereafter following completion of that process.

During the hearing, MPL’s legal counsel made clear that the Company was never provided with a genuine and bonafide opportunity to pay the outstanding debt and retain the asset that it financed, developed and built.

MPL’s submissions also set out its case that Prudent ARC effectively colluded with the lenders to prevent MPL’s One-Time Settlement (“OTS”) from being completed. MPL further submitted that Prudent ARC worked collusively with the lenders through a process intended to transfer the asset to a predefined party.

MPL maintains that this conduct, and the repeated obstruction of its attempts to repay the debt in full, has destroyed the sanctity and credibility of the process.

Had the lenders provided a clear and enforceable mechanism through which payment could be made, the outstanding debt would have been paid by now. Instead, the Company has been forced to contest a process lasting more than a year while repeatedly seeking the opportunity to repay the lenders in full.

MPL will provide a further update once the written-submission process has concluded or the NCLT delivers its judgment.

Enquiries:

MPL	c/o Cavendish [phone]
Cavendish (Nomad and Broker)	Stephen Keys [phone]

 

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